Bear Markets in Perspective


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October 31, 2008, a message goes out to the cypherpunk mailing list that reads:

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.


The paper is available at:

A few months later, on January 3, 2009, a person or persons using the pseudonym Satoshi Nakamoto initiated the Bitcoin Network. Thirteen years later, Bitcoin has inspired an entirely new industry and a novel asset class worth nearly 1 trillion dollars. While Bitcoin has been called the ‘Best Performing Asset of the Decade’, after gaining more than 40,000,000%1 since inception, the journey has not always been smooth.

Download the full Bear Markets in Perspective report below.

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1 Cumulative returns from 7/17/2010 to 7/4/2022 with Bitcoin Price data from Glassnode

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